Are you are looking to purchase an insurance policy, and the guaranteed life insurance seem to look appealing to you? Now before you go ahead and make a decision. Here a couple of things you may want to know about guaranteed life insurance.
This is one life insurance where you are not subjected to carry out any medical tests so your health condition is ascertained before you are liable to participate in the policy.
So irrespective of your medical history or present medical condition, you are a candidate for Guaranteed life insurance, which doesn’t give consider subjecting you to medical tests before ascertaining if you are a good fit for the policy or not.
This definitely sounds as a form of good news to some; especially people who may be suffering from a form of medical condition that makes them unqualified to be participate in other life insurance policies.
Most life insurance policy will subject their prospects to medical tests first before admitting them into their policy, which is a way to protect their business against risks.
You Pay More Premium
The premium you pay is way higher than what other life insurance policies command. Now you are thinking that because you have been denied by a couple of other insurance companies, and then paying way more doesn’t matter because you feel you are uninsurable.
But listen: how wrong can you be. There is absolutely nothing wrong in keep trying to find a company that will eventually take you in, but paying way more to get a life assurance doesn’t exactly suit you—you sure deserve better.
For those who are suffering from terminal illnesses who are thinking of this form of life insurance, it’s important to realize that if you die within two years of purchasing this policy, except by accident, then you lose all the death benefits associated with this policy. Your folks will only receive the premiums you paid and nothing more. This is the way the insurance company tends to protect itself from bad risks.
Not for the healthy
If you a healthy body person, you don’t have any business settling for this policy, as you are paying way more than any other life insurance policy with very inconsequential benefits associated with its returns. So we urge you to walk into any insurance company or consult with an insurance broker on the best policy for you.
Guaranteed life insurance policy is run by actuaries; just like all other insurances. So the fact that you can buy into the policy without a care for what your medical records is should tell you that there has to be a catch somewhere. Don’t get all overwhelmed that there is finally an insurance policy that can accept you—they aren’t doing you a favor in all sincerity.
Don’t give up on getting a life insurance policy just because a few may have considered your medical condition as gross. If buying a life insurance is truly something you want, then you can bet that there will be one someone ready to embrace you.
If your health is soaring truly well, and you really need a life insurance policy, then Guaranteed life insurance shouldn’t appeal to you in whatever way. You look in the direction of Term or whole life insurances; depending on what you want to achieve with your policy.